UK inflation hits 9 per cent: 40-year high as country wrestles cost of living crisis
UK inflation has hit 9 per cent, a 40-year high, as the country wrestles with a cost-of-living crisis.
Top economists have pegged inflationary headwinds to hit double figures by the end of the year, as food, energy and other household services and goods spiral in cost.
Food products and metals have seen the largest leaps in costs over the past year, according to the latest research.
The Office for National Statistics, however, found that between 1989 and 2022 housing and household services have typically been a larger driver of inflation than food and non-alcoholic beverages – as opposed to the inflation of the 1980s.
The growth rate of input prices, the cost of materials and fuels bought by UK manufacturers, has remained the highest rate since records began since March.
Input prices have soared 18.6 per cent in the year to April 2022, according to the figures.